Quantum Computing to Transform Multiple Industries. Create up to $850 billion in annual value by 2040, according to the latest estimates.

Quantum Computing Set to Transform Multiple Industries, Create Up to $850 Billion in Annual Value by 2040, Latest Estimates Show
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By Daniel Webster, dWeb.News

BOSTON, July 21st, 2021 /PRNewswire/ — The belief that quantum computers can solve major problems beyond traditional computers has grown rapidly in the past twelve month according to a report by Boston Consulting Group (BCG) titled What Happens When “If” Turns to “When” in Quantum Computing. Investors are aggressively increasing their allocation to quantum computing. Two-thirds of all equity investments made in the field have been made since 2018.

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According to BCG research, quantum computing will unlock new value across many industry sectors and create up to $850 million in annual value by 2040.

These investments amounted to $600million in 2017, and nearly doubled in the three years following. According to a Gartner prediction, 20% of companies will invest in quantum technology by 2023, compared to 1% in 2018.
Jean-Francois Bobier is a director and partner at BCG and co-author of this report. “Recent advancements and roadmaps from major hardware firms such as Honeywell, IonQ and PsiQuantum have increased our confidence that we will have machines capable of solving important business and social problems before the end this decade. Bobier said that governments and companies that have been impacted by these developments should be prepared for a faster timeline. This investment boom is due to quantum computing technology’s major advancements and the predictions of huge profit and performance gains. According to the BCG research, quantum computing will bring new value to many industries and create up to $850 million in annual value by 2040 (see figure). The challenge of developing cheaper and more reliable quantum computing hardware is the focus of much of the new investment. It is very difficult and costly to research and engineer the quantum bits (qubits), that power the computers. In 2020, $675 million was invested in equity, with $528 million going to hardware development. The total venture capital was $211 million in 2018, which was equally split between software and hardware. BCG predicts that 2021 will break all previous records with investments of more than $800 millions. They all have unique performance and scaling tradeoffs and the jury is still out on which one will win. In addition to well-funded startups like IonQ, large, established companies like Google, Honeywell, and IBM are heavily investing in quantum technology. The rise in corporate interest and investment is the most significant change since our last market survey two years ago. Langione stated that this was the last domino to fall, after equity investors and governments began investing heavily. Langione said that building quantum computers will not only require hardware and software innovations but also use-case innovation. Businesses will need to identify high-value problems that quantum computers can solve. It’s happening now, and it’s happening with vision, imagination, across many industries, not just pharma and financial service, but also energy and retail. This is not the industry you can buy your way into when it matures. Businesses of all types are realizing this. You can download a copy of BCG’s report here. To schedule an interview with one the authors, contact Eric Gregoire at +1 617 853 3783 or [email protected]. Boston Consulting Group Boston Consulting Group works with leaders in business, society and politics to address their most pressing challenges and seize their greatest opportunities. When it was founded in 1963, BCG was a pioneer in business strategy. We work closely with our clients to adopt a transformational approach that benefits all stakeholders. Our diverse, global teams have deep industry and functional experience and offer a range of perspectives that challenge the status quo and inspire change. BCG provides solutions through cutting-edge management consulting, technology, design, corporate and digital ventures. BCG works in a unique collaborative model throughout the firm and at all levels of the client organizations. We are driven by the goal to help our clients succeed and enable them to make the world better.

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This article was authored by Daniel Webster using Artificial Intelligence. To learn more visit https://wordai.com/?ref=0b4438
The original article can be found at Read More

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